Dow Jones is trying to establish a support floor 24/1/2023

The Dow Jones Industrial Average achieved remarkable gains on Wall Street from the beginning of this week’s trading, recording its highest level of 33,788.

On the technical side today, the Stochastic indicator continues to centre around the overbought areas, stimulated by the RSI’s continued defence of the bullish daily direction.

Here, with trading steadily above the strong support level of 33,360, the bullish scenario remains the most favorable during today’s session; noting that the price’s consolidation above 33,785 increases and accelerates the strength of the bullish trend, so we are waiting to touch 33,840 as a first target. The gains may extend later to visit 34,000 unless we witness any trading below 33,360.

Sneaking below 33,360 puts the index under strong negative pressure, with a target of 33,090.

Note: The risk level is high.

Note: Trading on CFDs involves risks. Therefore, all scenarios may be possible. This article is not a recommendation to buy or sell but rather an explanatory reading of the price movement on the chart.

S1: 33360	R1: 33840
S2: 33090	R2: 34060
S3: 32875	R3: 34325